Simon Cowell, SFX Entertainment Team for EDM Competition Series

"Ultimate DJ" will invite contenders to submit recordings online for fan voting via social media. Once a group of contestants is set, the goal is to hold competitions as live events. T-Mobile U.S. is on board with Cowell's Syco and SFX as a sponsor.

It's unclear how far along the partners are in shopping "Ultimate DJ" to TV outlets.

Cowell (pictured) and Sillerman have a long history, as Sillerman previously headed CKX holding company (now Core Media Group) that co-produces "American Idol." In recent years, SFX has invested heavily in the EDM arena as a promotor of large-scale events. The EDM culture has also made headlines for deaths among its youthful attendees from drug overdoses, leading some cities to enact restrictions on events.

"We have been developing this concept for a while but our partnership with SFX has been a real game-changer for this format," Cowell said. "It made complete sense for us to collaborate with SFX with their access to the best up-and-coming DJs and their great marketing platform to build new DJ talent."

"Bringing EMC to the world is our goal," said Sillerman, chairman-CEO of SFX. "And building a TV franchise in the USA is a key part of that strategy."